Note

The Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India had invited Shri R. Sridharan, Chairperson, NFRA, to be the Chief Guest at their 35th Regional Conference on the 24th. Subsequently, the WIRC rescheduled the speech to 26th December between 5 p.m and 6 p.m. However, this was followed by a further communication from the WIRC stating that accommodating the Chairperson's speech in the conference schedule would not be possible.
The speech was intended to clarify very many matters pertaining to the NFRA's mandate, its approach, and important aspects of audit quality that are currently the subject of serious debate. It is, therefore, felt that the speech should be published, nevertheless, in the interests of bringing these matters to the attention of the CA profession.

Speech prepared by Chairman, NFRA, to be delivered as Chief Guest at the 35th Regional Conference of the Western India Regional Council of the Institute of Chartered Accountants of India on 24th December,2020